Tax Revenue Down
Mish has a post on how much California's tax revenues are down.
It is shocking, 12.6% for personal income tax? That's another way of saying how bad employment has gotten, and what kind of ripple effect does this kind of employment reduction have on the businesses that are struggling already?
Corporate tax revenue down by 35%, that's huge.
Sales tax revenue down by 20%. Think of that as a deleveraging of spending related to the reduced income. With sales tax revenue down 20%, well, what a hit to retail.
Mish is calling this an implosion and I can't argue there.